If there is an outstanding balance for the violations that remain unpaid, they need to be paid as well.

Newer mortgages allow properties to be transferred to LLC if the mortgagee remains the majority owner.

It's now worth around $200,000 and I am trying to figure out if I should cash out refinance and end up with about $63,000 (leaving 70% LTV) cash to use for another rental down payment, or if I should just ride out the remaining 20 years of this mortgage with a small balance (only $62,750 left).

The HML I'm looking at requires 20%-30% down which will tie up quite a bit of money making it difficult to do more than one deal at a time or stagger purchases, so I'd like to be able to pull cash out of the deal sooner in order to move on to the next deal. 

We currently had a great investment opportunity open up, but most of our cash is tied up at the moment.

I do like the fact that the new LLC is starting from day one with some kind of credit rating not solely tied to my and my partner.  

We ReFi'd into a first position Line of Credit that's tied to a zero balance sweep account.

@Hugo Jimenez this is definitely not something that comes up very regularly; however, it is specifically addressed by Florida State Statute 83.59(3d) as indicated below:F.S.S - 83.59 Right of action for possession- (3) The landlord shall not recover possession of a dwelling unit except:(d) When the last remaining tenant of a dwelling unit is deceased, personal property remains on the premises, rent is unpaid, at least 60 days have elapsed following the date of death, and the landlord has not been notified in writing of the existence of a probate estate or of the name and address of a personal representative.

Its not that people don't need assistance but the focus remains on more and more assistance instead of economic recovery and helping better your own situation.

I prefer to remain leveraged and benefit from tax benefits while I grow my portfolio.